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Utah ranks 9th in U.S. in foreclosures
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Movin on up, to the top... | 6:28 a.m. Aug. 14, 2008
Like the Jefferson's, Utah is movin' on up and will be in top three by
late spring of 2009 in my opinion.
A number of our neighbors (AZ, NV, CA) began purging their markets of homes that people purchased, but could never afford a couple of years ago. The much needed correction is finally starting to pick up some steam here.
This is great news in that afforability is slowly being introduced into the housing market again in Utah. However, it has a long way to go. The number of delusional home sellers is still extremely high. A majority still can't come to grips with the fact that their home isn't and was never actually worth what they thought it was worth and still think it is worth.
Foreclosure's will also translate into greater stability in housing and the financials in the long-run as well. They system needs to purge itself and prices still need to drop dramatically. This trend will continue for some time. All hail the market correction. Onward and upward.
A number of our neighbors (AZ, NV, CA) began purging their markets of homes that people purchased, but could never afford a couple of years ago. The much needed correction is finally starting to pick up some steam here.
This is great news in that afforability is slowly being introduced into the housing market again in Utah. However, it has a long way to go. The number of delusional home sellers is still extremely high. A majority still can't come to grips with the fact that their home isn't and was never actually worth what they thought it was worth and still think it is worth.
Foreclosure's will also translate into greater stability in housing and the financials in the long-run as well. They system needs to purge itself and prices still need to drop dramatically. This trend will continue for some time. All hail the market correction. Onward and upward.
what the ...? | 6:51 a.m. Aug. 14, 2008
What?
Foreclosers in Utah?
9th in the nation?
Can't be.
Things like this just don't happen in Pleasantville.
Must be more lies the liberals made up.
Foreclosers in Utah?
9th in the nation?
Can't be.
Things like this just don't happen in Pleasantville.
Must be more lies the liberals made up.
Comments continue below
Utah is different | 7:21 a.m. Aug. 14, 2008
I always loved to hear all the dumb analysts who kept saying "Utah
won't see such a big housing crisis as the rest the nation because our
economy is so different.......blah, blah, blah." The only difference is
that we lag by a couple of years. I have tried to tell people for a couple of
years now that I watched this same cycle happen in California from 2003-2006.
The market must correct because wages can't support the current prices. If
you bought more than you could afford and now can't make your payments, too
bad. You should have thought of that when you were buying.
Anonymous | 7:37 a.m. Aug. 14, 2008
To Shamefaced at 4:39am: Your point is well taken, LDS should have listened to
their leader. But you're trying to fix the leg that isn't broken.
Yes, some Utahns live beyond their means, but that's not what's going
on here. Many Utahns lose their homes because housing is so grossly
unaffordable and Utahns don't make enough money to purchase even a modest
home at 1500 sq ft. When the average wage in Utah is in the high 40s and the
mean price for homes is in the 220s that spells economic disaster. These
well-intentioned people, who give 10% of their wages to their church, can't
afford a small, modest home. But they rationalize it believing that "the
Lord will provide" because "I pay my tithing." You wonder why
Utah is in the financial mess it's in. As I close, let me recommend
Elizabeth Warren's book, The Two-Income Trap: Why Middle-Class Mothers and
Fathers Are Going Broke (Basic 2003). Warren, a Harvard law professor, offers
an eye-popping account of why Americans lose their homes--and much else.
Anonymous | 8:07 a.m. Aug. 14, 2008
There ain't no dang foreclosures in Utah.
Why?
Cuz this is the place!
Liberals are lying agin'!
Why?
Cuz this is the place!
Liberals are lying agin'!
Ernest T. Bass | 8:14 a.m. Aug. 14, 2008
It must be the liberals fault that LDS republicans had to keep up with the
Joneses.
I find it funny that so many people put themselves in that position out of greed and ego.
It's sad how few people listen to their church leader's advice when they want a bigger house than their neighbors.
I find it funny that so many people put themselves in that position out of greed and ego.
It's sad how few people listen to their church leader's advice when they want a bigger house than their neighbors.
Not just LDS | 8:15 a.m. Aug. 14, 2008
There are many non-LDS people here. Assuming that all foreclosures are among the
LDS only is wrong. The LDS make up ~60% of the population in Utah, of which,
only 36% is active. That means that 64% of the people you see are not living
like mormons. This is a national problem, not a mormon problem.
H | 8:19 a.m. Aug. 14, 2008
I have a family member in another part of the country who is losing a house
because of several reasons-but one of them is living beyond his/her means.
What happened is when the economic downturn affected this family, (they are self-employed) they could not longer to afford to live in their house. A home equity loan is also part of the problem and I'm concerned now they won't be able to get the money out of it they need to live on.
I'm very sad to see this happening to them, but there is a lesson here.
Live below your means, if possible! Things happen so don't always be on the edge. Don't buy into the advertising hype that you have to have the best and the newest.
Speculation in the housing market, irresponsible loans by uncrupulous lenders have added to the problem.
When will we learn in this country that you can't expect to get (or keep) "something for nothing?"
What happened is when the economic downturn affected this family, (they are self-employed) they could not longer to afford to live in their house. A home equity loan is also part of the problem and I'm concerned now they won't be able to get the money out of it they need to live on.
I'm very sad to see this happening to them, but there is a lesson here.
Live below your means, if possible! Things happen so don't always be on the edge. Don't buy into the advertising hype that you have to have the best and the newest.
Speculation in the housing market, irresponsible loans by uncrupulous lenders have added to the problem.
When will we learn in this country that you can't expect to get (or keep) "something for nothing?"
Kevin | 8:32 a.m. Aug. 14, 2008
I had multiple people tell me to get an ARM or interest only loan and pull the
money out of my house to invest or buy toys. These people are now hating life,
nothing is worse than having a house payment that keeps going up and you can not
afford to pay it and you have a worthless college degree from a state run
college.
But the Gov. said... | 8:42 a.m. Aug. 14, 2008
Governor Huntsman said Utah was different. How can this be!?
Utah needs a correction, just like everyone else. We started this mess with below national average priced homes. I imagine we will end up there as well.
Utah needs a correction, just like everyone else. We started this mess with below national average priced homes. I imagine we will end up there as well.
Too Many Secrets | 8:44 a.m. Aug. 14, 2008
This entire foreclosure mess in Utah is the fault of the LDS chruch. If Brigham
Young hadn't settled this valley, most people wouldn't live here and
we wouldn't have all these forclosures.
CougarKeith | 8:45 a.m. Aug. 14, 2008
When you don't listen to your leaders, and buy what the Jones have on a
$240,000 income on your $60,000 income with 2 full time jobs and a part time
job, and the wife doing full time day care in the home, Ends just don't
meet when the ARM goes UP, or the Interest Only Payment Ends! Banks are going to
lose big time, and a lot of nice homes are going to be sold for pennies on the
dollar to more people who can't afford to heat, cool, and maintain these
homes. It's all well and good, but in 25 years there is just a lot of newer
Condemned Un-kept houses falling apart with under-income families living in them
bringing the value of a neighborhood DOWN!
MoreShame | 8:46 a.m. Aug. 14, 2008
It is truly sad that Utahns are so aloof that they need church leaders to tell
them that if they make 50K/year, they probably shouldn't buy a 300K house.
Geniuses.
Geniuses.
arc | 8:45 a.m. Aug. 14, 2008
How many of these are illegals that came to work housing construction and are
out of work?
Commercial construction is still happening, but residential is a problem.
Commercial construction is still happening, but residential is a problem.
Harvard? | 8:54 a.m. Aug. 14, 2008
I put no stock in any Harvard educated person. For years now people have been
claiming how dumb Merril Cook, and George Bush are and they both have graduate
degrees from Harvard. How could a good school even grant degrees to such
people, no less advanced degrees.
And to those claimm the mormons giving 10% of there income to tithing is causing the problem you should go to Harvard as well, because the claim has no basis in fact, and makes you look the fool to any reasonable person. All religons tith at 10%!
And for someone who actually lives in Phoenix and owns homes in Utah, You people in Utah have not seen anything even close to what has happened in the Arizona real estate markets.
And to those claimm the mormons giving 10% of there income to tithing is causing the problem you should go to Harvard as well, because the claim has no basis in fact, and makes you look the fool to any reasonable person. All religons tith at 10%!
And for someone who actually lives in Phoenix and owns homes in Utah, You people in Utah have not seen anything even close to what has happened in the Arizona real estate markets.
Look at yourself? | 8:58 a.m. Aug. 14, 2008
Well, sometimes in life we have bumbs, and sometimes we don't, but you
can't change the pass----"Just fix it." Hey, Utah, don't be
to hard on those up the creek without the paddle, you don't know why they
are up a creek????? Shame on those who JUDGE!
Re: not just LDS | 9:07 a.m. Aug. 14, 2008
Then throw all the counsel and "our" higher standards out the window
because of everyone else. THe LDS today are weak and conformists. In utah there
is a big problem with LDS people living totally out of their means and trying to
make the fast dollar. I thought the LDS community was supposed to be a peculair
people?
reaping and sowing | 9:18 a.m. Aug. 14, 2008
It's no secret that many LDS call themselves conservative.
It's a well-known fact that conservatives have a thing for money and power. They worship them both.
God/Money, Money/God. To conservatives the two are unseparable.
I'm not suprised that Utah ranks so high on foreclosures. Keeping up with the Jones' is paramount with conservatives.
Oh, well. You reap what you sow.
It's a well-known fact that conservatives have a thing for money and power. They worship them both.
God/Money, Money/God. To conservatives the two are unseparable.
I'm not suprised that Utah ranks so high on foreclosures. Keeping up with the Jones' is paramount with conservatives.
Oh, well. You reap what you sow.
Anonymous | 9:22 a.m. Aug. 14, 2008
Skewed numbers?
Just looking at the 17,000% increase shows some faults in this report.
All I know is prices in my neighborhood have only dropped slightly. One house out of the 60 in our neighborhood is in foreclosure. The price on it still isn't dropping.
Just looking at the 17,000% increase shows some faults in this report.
All I know is prices in my neighborhood have only dropped slightly. One house out of the 60 in our neighborhood is in foreclosure. The price on it still isn't dropping.
Emmm | 9:24 a.m. Aug. 14, 2008
My greatest concern is that if Utah already ranks so high in the # of
foreclosures, what will the state status be once increased unemployment hits
here? Utah does lag behind many other states in most economic trends and the
increased joblessness hasn't really even gotten a foothold in Utah.
Kent | 9:23 a.m. Aug. 14, 2008
Channel 2's Dave Fox got off too easy on his foreclosure fraud case - the
state needs to hold these people accountable.
Simon Says | 9:32 a.m. Aug. 14, 2008
I bought a home on .5 acre in Riverton for just under $200K. It is 1900 sq ft,
has 4 rooms 2 baths and 2 family rooms, and needs some TLC. I earn $48K/yr and
when friends heard that we were buying an old house they said we were mad. They
told us we should have bought in Herriman, or Daybreak, because those are the
"in" areas. My point is that if you cut your pattern according to
your cloth then you will be fine. Brigham Young said once that his biggest fear
for the people of this valley is that they would become rich, then proud, and
then get into trouble because of it. OK, so that was paraphrasing, but you get
the message. There is no doubt in my mind that many Utahns (LDS or non) want
what they cannot afford, and somehow someone is willing to loan them the money
for it. Crazy!!!
I guess what I am trying to say is that you don't NEED a big house, 3 cars, snowmobiles, 4wheelers, etc. Despite the fact that materialsm should be minimal in a state like Utah, it is surprisingly high on people's priority list.
I guess what I am trying to say is that you don't NEED a big house, 3 cars, snowmobiles, 4wheelers, etc. Despite the fact that materialsm should be minimal in a state like Utah, it is surprisingly high on people's priority list.
Judge | 9:33 a.m. Aug. 14, 2008
Its fun to judge people, especially dumb people.
The fact of the matter is I am smart and responsible, I held off on buying in late 06 early 07 because I treated the purchase of a home as soemthing more important than that of an appliance purchase. I looked at the historical housing related numbers, read articles from non-Realtors/home builders to get an idea as to the real housing situation and decided that I would continue to save and wait for the correction. It hasnt been fun while all my coworkers went off and bought homes... I was the "dumb guy that kept on renting"... well the tables have turned and all my coworkers that bought are stuck in their homes for a LONG time (upside down big time) while I am going to be able to put down 20% down (avoid PMI) and will get a steal.
I still cant believe how dumb potential buyers were, I think a lot of people are going to question Realtors advice (buy now or be priced out forever)
The fact of the matter is I am smart and responsible, I held off on buying in late 06 early 07 because I treated the purchase of a home as soemthing more important than that of an appliance purchase. I looked at the historical housing related numbers, read articles from non-Realtors/home builders to get an idea as to the real housing situation and decided that I would continue to save and wait for the correction. It hasnt been fun while all my coworkers went off and bought homes... I was the "dumb guy that kept on renting"... well the tables have turned and all my coworkers that bought are stuck in their homes for a LONG time (upside down big time) while I am going to be able to put down 20% down (avoid PMI) and will get a steal.
I still cant believe how dumb potential buyers were, I think a lot of people are going to question Realtors advice (buy now or be priced out forever)
Consevative values | 9:34 a.m. Aug. 14, 2008
My parents lived through the depression,I learned from them hard work and to
save for a rainy day, I live in California where I have rental property and with
the income I get from them I can help those I choose. I have a business degree
from a state university,but my values came from my parents
Anonymous | 9:40 a.m. Aug. 14, 2008
A old house down the street from us is listed @$339,000. It is a remodeled SMALL
house on a busy street. It is just the house so many think the "Jones"
neighbors "should" have.
The problem is the house was worth less than $90,000 6-7 years ago. It isn't just the people who have been trying to keep up with the neighbors that are having trouble...
It is the economy (gas prices which increase costs; heating, food and clothes etc. and decrease wages)on top of it all.
The problem is the house was worth less than $90,000 6-7 years ago. It isn't just the people who have been trying to keep up with the neighbors that are having trouble...
It is the economy (gas prices which increase costs; heating, food and clothes etc. and decrease wages)on top of it all.
John | 10:12 a.m. Aug. 14, 2008
If something goes wrong we should blame it on the LDS. If it goes right, they
had nothing to do with it. The housing market must be the fault of the LDS.
Demo | 10:23 a.m. Aug. 14, 2008
Plenty of Utah politicians and business experts trumpeted in the past that our
economy was better than other states. Well now the economic bust is hitting
home. There are multiple causes for the recession and personal greed played a
significant role. Now our local politicians and business gurus need to find a
way to blame the whole mess on the liberals and democrats. If you continue to
beleive them they also have a good deal on lake shore property.
Anonymous | 10:34 a.m. Aug. 14, 2008
About half of the homes in my neighborhood are in foreclosure... they were
investments many investors were from Cal.
The homes have been vacant (never lived in) or rented. The landscaping is not even started or has been neglected to ruin.
The prices are dropping but the ones looking are also not able to really afford the homes.
Our power bill was over $400 for last month with the A/C set at 75-78 degrees.
The homes have been vacant (never lived in) or rented. The landscaping is not even started or has been neglected to ruin.
The prices are dropping but the ones looking are also not able to really afford the homes.
Our power bill was over $400 for last month with the A/C set at 75-78 degrees.
Stewart | 11:20 a.m. Aug. 14, 2008
It seems to me the story of the "Little Red Hen" is in play here, and
for those that don't know this fable that could be part of the problem. The
Little Red Hen was wise and prudent in her activities. She worked hard and
prepared. When the bread was ready to eat everyone wanted to help her eat it.
That is the way it is now. Those that thought that house prices would continue
up and up even though economics was indicating that prices were too high for the
income available, they borrowed money on no more than a wish and a song.
However, in our story the big old rooster President Bush and the Congress are going to make the rest of us pay for those that were caught up in this easy money cycle. If they don't take it from us in taxes it will be taken from those that have saved by inflation the worst form of tax. As in the story of the Little Red Hen, there is no free lunch, even though the developers and realtors make it appear so.
However, in our story the big old rooster President Bush and the Congress are going to make the rest of us pay for those that were caught up in this easy money cycle. If they don't take it from us in taxes it will be taken from those that have saved by inflation the worst form of tax. As in the story of the Little Red Hen, there is no free lunch, even though the developers and realtors make it appear so.
Peculiar People? | 11:25 a.m. Aug. 14, 2008
The only peculiar thing about a lot of Mormons is their propensity to completely
disregard the teachings of their leaders while professing allegiance to the
church, and then be completely oblivious to their own hypocrisy. Unfortunately,
they do a disservice to the many, many LDS church members who do try to heed
their leaders' advice, live within their means, and focus on spiritual
rather than material matters. In other words, those keeping up with the Joneses
reflect poorly on those who don't know anyone named Jones.
JT in Florida | 11:46 a.m. Aug. 14, 2008
You have to love how quickly comments turned anti-Mormon. Yep, all the
foreclosures in the 8 other states with higher rates than Utah are also because
of the Mormons. Besides, we know there are no non-Mormons in Utah and all people
in Utah are active in the LDS Church and are (supposedly) perfect. No LDS Church
member thinks for her or himself either. Okay, sarcasm off.
People struggle financially no matter what their beliefs are. Utah, like many other states, had huge increases in home values; in fact, Utah had some of the largest increases. Now homes are less affordable than they were. Also, when home values go up, so do property taxes. There are many reasons for home foreclosures. Lumping everyone together just shows prejudice. People in Utah also have larger families, on average, so they have higher expenses related to that. Yes, we need to live within our means but sometimes things happen.
People struggle financially no matter what their beliefs are. Utah, like many other states, had huge increases in home values; in fact, Utah had some of the largest increases. Now homes are less affordable than they were. Also, when home values go up, so do property taxes. There are many reasons for home foreclosures. Lumping everyone together just shows prejudice. People in Utah also have larger families, on average, so they have higher expenses related to that. Yes, we need to live within our means but sometimes things happen.
Anonymous | 12:31 p.m. Aug. 14, 2008
poster, "shamefaced" is more than a tad bit judgmental. Many, many of
the people losing their homes in Utah are finding that they are half way through
their mortgage obligation (12 years or more in the same home) but UNABLE to stay
on top of the monthly mortgage debt DUE TO AN INCREASE IN JOBS THAT "DO NOT
PAY A LIVING WAGE" coupled with EXTREME INFLATION. Many, many small and
midsize Utah companies going under. My friends, that is FACT!
RE: arc | 1:01 p.m. Aug. 14, 2008
Same cycle occured where I live, residential prices fell first. Couple the
financial strain from residential housing with the other economic challenges and
guess what, commercial real estate is also starting to fall. Real estate has
volatility and right now it's way above the historical trend. Once it
corrects, real estate will become a good investment. Until then, the short-term
return on any real estate (in general) is a short-term loss. If you're
willing to buy and hold for 10 years, you may may be able to keep pace with
inflation.....
Simon Says | 1:28 p.m. Aug. 14, 2008
To: JT in Florida
I agree whole-heartedly that sometimes "things happen", despite our best efforts to live within our means. "Things" have happened in my life from time to time. When they do happen, I get rid of luxuries, I stop eating out, buying ready made meals, going to movies etc.
Having lived in Africa for 36 years, I am amazed at how many people in the USA complain about their "lot" in life, when the poorest I have seen here would make the majority in Africa green with envy. Just to put things into perspective. Here is a list of everyday things in the USA that are luxuries in Africa.
1. Clean running water
2. Electricity
3. Medical treatment
4. Good Education
5. Dishwashers
6. Tumble dryers
7. Cars
8. Warm houses
9. Security
10. Toilets that work/flush
11. Enough food
12. Aircon in homes (if they have a home)
13. etc.
The list could go on. I am not saying that we here in the USA must do without these things that make even the average income person's life easier, just that we must realise that so many others are far worse of than we are.
I agree whole-heartedly that sometimes "things happen", despite our best efforts to live within our means. "Things" have happened in my life from time to time. When they do happen, I get rid of luxuries, I stop eating out, buying ready made meals, going to movies etc.
Having lived in Africa for 36 years, I am amazed at how many people in the USA complain about their "lot" in life, when the poorest I have seen here would make the majority in Africa green with envy. Just to put things into perspective. Here is a list of everyday things in the USA that are luxuries in Africa.
1. Clean running water
2. Electricity
3. Medical treatment
4. Good Education
5. Dishwashers
6. Tumble dryers
7. Cars
8. Warm houses
9. Security
10. Toilets that work/flush
11. Enough food
12. Aircon in homes (if they have a home)
13. etc.
The list could go on. I am not saying that we here in the USA must do without these things that make even the average income person's life easier, just that we must realise that so many others are far worse of than we are.
Johnson | 1:55 p.m. Aug. 14, 2008
The worst is yet to come. 3 of the 8 houses on our street are going to be
foreclosed upon within the next one to three months. It is sickening to see
what is happening. Our home is now worth far less than we paid when new just
four years ago. Though I sold my home in California and paid cash for this one,
it is painful, very painful.
Double Take - The Facts | 2:29 p.m. Aug. 14, 2008
Utah has a lower default rate than the U.S. average.
The RealtyTrac report shows the number of homes that have one of three actions as a "filing." These include Notice of Default that are sometimes resolved prior to forclosure, Notice of Trustee Sale, and REO properties that have been repurchased by the bank following forclosure. The statistics therefore are overstated as a home may appear in the numbers more than once.
The report does not distiguish between owner occupied homes and developers and contractor who have had to turn properties back to the bank. My experience driving around the Wasatch front would indicate many homes with "filings" were not owner occupied.
I recognize the trends are disturbing, but some fear-mongers would have us overemphasize the natural consequences of overbuilding.
After all 99.8% of homes in Utah had no forclosure filings in July.
The RealtyTrac report shows the number of homes that have one of three actions as a "filing." These include Notice of Default that are sometimes resolved prior to forclosure, Notice of Trustee Sale, and REO properties that have been repurchased by the bank following forclosure. The statistics therefore are overstated as a home may appear in the numbers more than once.
The report does not distiguish between owner occupied homes and developers and contractor who have had to turn properties back to the bank. My experience driving around the Wasatch front would indicate many homes with "filings" were not owner occupied.
I recognize the trends are disturbing, but some fear-mongers would have us overemphasize the natural consequences of overbuilding.
After all 99.8% of homes in Utah had no forclosure filings in July.
Hello | 3:10 p.m. Aug. 14, 2008
I find it interesting people believe the Arm loans are causing this, Most Arms
intrest rates follow the fed intrest rate which right now is lower than it has
been in quit a few years, I took out an Arm on my House three years ago and my
payment today is $420.00 less than it was then, I am using that money to put
onto my loan to pay my house off faster, I know far to many people who are
giving their homes back to the bank because they have depreciated far lower than
what they paid for them 3 to 5 years ago, Most of the problem is people these
days have no integrity when it comes to honoring their financial obligations, if
the housing market isnt rosy they are going to let their bank take the loss
befor they will.......
BMcDouglas | 5:21 p.m. Aug. 14, 2008
If you lend $200,000 to your son or daughter for a home without doing a credit
check, that�s imprudent. If you lend $200,000 to a distant
nephew without a credit check, that�s unwise. But when you
lend $200,000 to a person you don�t know with no credit
documentation, that�s just stupid! So idiots have been
lending to idiots. The biggest risk of this whole housing crisis is that these
lenders and borrowers will get bailed out....and that's exactly what our
government wants to do. Big mistake.
Reality | 6:01 p.m. Aug. 14, 2008
9th in forclosures, 3rd in the price of fuel? Look out baby it's going to
get alot worse before it gets any better. Like I have stated numerous times, get
rid of the politians that put us here. OUT WITH ALL INCUMBENTS. Vote people
vote. Follow your elected choice during his or her term and if they don't
measure up-OUT THEY GO. We have the hammer as voters lets use it. Status quo
won't get it. Get involved please.
Devalue | 6:29 p.m. Aug. 14, 2008
The governement leads by example, they spend more than they earn. Many
government entities are given budgets at the beginning of the year. Guess what
many of them do if they haven't spent the alloted money as they near the
end of the year? They start spending it because if they have a surplus then
their budget will decrease the next year. In other words they look for things
to buy even though they could do without. What is the end result? We print
money we don't have and the value of the dollar drops. We the American
people are essentially doing the same thing. We buy a bunch of stuff on credit
because we "need" it or we speculate that it will rise in
"value". Then when we can't make the payments, we walk away.
Who pays the price, everyone in the form of taxes and inflation. If
technology/manufacturing is always improving and businesses are always getting
more efficient, tell me why a bottle of soda costs more today than it did 10
years ago?
TB | 7:31 p.m. Aug. 14, 2008
If during the height of the sub-prime loan stupidity 40% of all homes sold in
Utah were to out of state investors because they heard we had the most
under-evaluated property in the country.... how many of the homes being
foreclosed on now are to out of state speculator-owners?
OOPS | 9:04 p.m. Aug. 14, 2008
Apparently living beyond our means, is the cool thing to do.
Dean Youngkeit | 9:39 p.m. Aug. 14, 2008
The sub prime people of 107 years ago bypassed forclosures by turning oversized
houses into main units + rentals within the same building. Bailouts were not
available then.
Willard, Utah 84340
Willard, Utah 84340
Judy | 12:16 a.m. Aug. 15, 2008
Foreclosures are more common in fast growing areas where many of the homes have
been purchased in the last few years. That describes Utah. It isn't the
LDS or tithing or living beyond one's means--housing is still relatively
inexpensive in Utah. It is young growing families that are suffering all over
the country, along with speculators and greedy people who kept refinancing to
take more out of their houses. Utah just isn't immune to the troubles of
the rest of the US, esp when it comes to finances.
To Harvard? | 12:17 p.m. Aug. 17, 2008
In the case of Mr. Bush that would be Yale.
Tom in Utah | 8:41 p.m. Aug. 17, 2008
You're both right. In the case of Mr. Bush, that would be Yale
(undergraduate degree) and Harvard (MBA).
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It is sad when someone loses their home, but not so sad when the home they're losing was more home than they should have purchased in the first place. Live within your means, pay off your debts, and listen to the warning you receive. If ye are prepared ye shall not fear.